$6.5M to be Stolen From Fusion Network's Wallet

CEO Dj Qian susptects insider, who had access to the private keys of affected wallet
30 September 2019   226

The price of the Fusion token (FSN) has more than doubled since the developers of the financial blockchain platform Fusion Network announced that they had hacked their wallet. This is written by Decrypt.

According to a statement published on the night of Sunday by project representatives in the official group in Telegram, as a result of breaking into the wallet for exchanging FSN tokens in ERC-20 format for tokens of the project’s own network, a total of 10 million FSN coins of the main Fusion network and 3.5 million were stolen Ethereum-based FSN tokens.

According to CoinMarketCap, this is about 38% of the current cryptocurrency offer. The amount of stolen funds at the time of the hack was estimated at about $ 6.4 million.

After it was stole, we found the [thief] kept moving those stolen FSN in order to wash the address holding FSN, and sent part of the them to exchanges to sell.
 

DJ Qian

CEO, Fusion Foundation

According to him, the tokens remaining in the wallet were transferred to a safe cold storage, and the project representatives also contacted a number of large exchanges, where the stolen tokens allegedly went, including OKEx, Huobi and Bitmax.

DJ Qian also suggested that an attacker could be a person who had access to the private keys of a hacked wallet, noting that the evidence is enough to file a corresponding statement with the police.

Fusion Network is declared as a financial blockchain platform, offering users the ability to quickly and easily exchange cryptocurrency assets and create financial applications.

Investors Told About TON Launch Postpone

The decisive factor of the delay's length will be the outcome of the hearing scheduled for October 24 in the court of the Southern District of NY
16 October 2019   89

The team of Pavel Durov is supposed to solve all the problems with the SEC within six months to a year. The launch of the Telegram Open Network (TON) may be postponed for such a period, Forbes reports with reference to project investors.

The decisive factor will be the outcome of the hearing scheduled for October 24 in the court of the Southern District of New York. On it, the SEC will explain why it considers the Gram cryptocurrency a security, and TON representatives will present the rationale for lifting the temporary ban on the distribution of coins.

Up to this point, there will be no official statements, sources said.

The TON investigation is being conducted by Daphne Waxman, Morgan Ward Doran, and John Enright, known to the Block.one community.

On October 11, the SEC through a federal court achieved a temporary ban on the distribution of Gram cryptocurrency among investors. The agency believes that the asset is a security, and Telegram violated US law during the ICO.

Durov disagrees with the position of the SEC, but the postponement of the project is considered among possible solutions.

In contracts with investors, the launch deadline indicated October 31, but a clash with regulators is supposedly treated as force majeure along with a natural disaster. Such an interpretation may allow Durov not to return funds in the event of a delayed launch.